Intelsat Slashes Amount Sought in U.S. Initial Public OfferingLee Spears
Intelsat Global Holdings SA, the world’s biggest satellite-services company, slashed the amount sought in its U.S. initial public offering by more than half, nearly 10 months after first filing for the sale.
The Luxembourg-based company is seeking $750 million in the offering, according to a regulatory filing today, compared with $1.75 billion in its initial filing last May. The number is a placeholder used to calculate registration fees and may change before the deal is completed.
Intelsat may be preparing to push ahead with the deal after U.S. IPOs so far this year have raised $6.6 billion, more than double the amount in the year-earlier period. The company, owned by London-based BC Partners Ltd. and Menlo Park, California-based Silver Lake Management LLC, will use proceeds to repay debt, filings show.
Intelsat, which operates satellite networks with uses from media and telecommunications to the control of unmanned aerial vehicles, increased revenue less than 1 percent to $2.6 billion in the 12 months through December from a year earlier, filings show. The company has booked net losses for at least four consecutive years, according to the filings.
Intelsat plans to list on the New York Stock Exchange under the symbol I. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are leading the offering.